[Bitcoin Spot ETFs See Net Outflows of $773.5 Million Over Two Days, But On-Chain Signals Show Accumulation] According to Jinse Finance, on October 22nd and 23rd, Bitcoin spot ETFs saw a total net outflow of $773.5 million. During the same period, the price of BTC fell by 3.45%, continuing into the weekend, resulting in an overall net outflow for the week (October 20-23). However, on-chain data shows a divergence: Analyst CW8900 stated that the 1-year Bitcoin whale holdings change indicator is nearing positive, with whale selling pressure declining since July, and holdings increasing from -282k BTC to -39k BTC, accumulating 243k BTC in less than three months. Axel Adler Jr. pointed out that on July 1st, when BTC was at $59,300, the MVRV percentile touched 0%, rebounding to 32% at the end of September before falling back to 25%, indicating the market is still in the early to mid-stage of accumulation; since September 22nd, the 30-day net outflow from exchanges has been positive, indicating a contraction in available supply. The 30-day open interest index in the futures market rose from -0.5 a week ago to +0.3, indicating a near-equilibrium between buying and selling. Analysts suggest that a shift to net inflows into exchanges coupled with a negative open interest index would be a strong signal for further bearishness.